Brent tops $115 as Middle East supply fears intensify

Brent crude rose above $115 a barrel on Friday, reaching its highest level since May, as escalating Middle East security risks and reports of possible renewed US-Israeli strikes on Iran heightened concerns about oil supplies and shipping. Brent futures touched $115.16 on October 23, their highest point since May 4, before trading near $114.99 during the session. Other reported prices above $114 reflected different observations during Friday trading. US West Texas Intermediate crude also climbed above $100, reaching about $101.27 in one market report. The price gains followed a New York Times report that the Trump administration had drawn up plans for renewed strikes on Iran after the November 3 US midterm elections. The reporting did not establish that strikes had been ordered or that a decision had been made. The prospect of further military action has added to market concerns about disruptions to energy production and transportation. Regional tensions have also focused attention on Saudi energy infrastructure and shipping routes. Saudi Aramco ordered staff to evacuate its headquarters in Dhahran on Thursday as hostilities escalated, according to reports citing the company....